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What is a Flexible Spending Account?
A Flexible Spending Account (FSA) is an
employer-sponsored benefit that allows you to
pay for certain eligible health, dental,
vision, dependent care, and commuting expenses
with your pre-tax income. Your employer is
paying 100% of the costs to administer this
plan in order to offer this valuable benefit
at absolutely NO COST to you as an employee.
Employers
click here |
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Employees!
Give yourself a raise! |
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Because this
benefit uses pre-tax dollars, a Flexible
Spending Account is a great way for you to
save money on the costs listed above, as well
as increase your take home pay. Take a look at
the chart below to see how an FSA can help you
save. Be sure to read our
FAQ's.
 Increase
Your Take Home Pay with a Contorno & Co FSA
(Sample)
| |
Without
an FSA |
With
C&C FSA |
| Your Annual Income |
$40,000 |
$40,000 |
| Health, Dental Vision
Contribution |
$0 |
$1,000 |
| Dependent Care
Contribution |
$0 |
$5,000 |
| Commuter Expense
Contribution |
$0 |
$1,800 |
| Tax Deduction (estimated
at 35%) |
$14,000 |
$11,270 |
| After Tax Income |
$26,000 |
$28,730 |
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$0
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$2,730
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What
are Contorno and Co FSA's and the SmartFlex
Card™?
The SmartFlex Card ™ card is a
MasterCard© based debit card allows you to pay
for your eligible FSA expenses at the point of
service. Simply swipe the card and pay for the
service directly from your account. For
regular eligible expenses, C&C FSA will
pay the vendor directly each month from your
FSA account. This allows you to avoid the
hassles of a traditional FSA such as paying
cash for services (in addition to your payroll
deduction), filling out and submitting a claim
form, and waiting for a reimbursement check.
Where
can I use my Flex Dollars?
Health Dental and Vision
You can set aside up to up to approved limits
toward pre-tax spending on eligible health,
dental, and vision expenses. Eligible expenses
include:
Co-Payments and deductibles
Prescription Drugs
Dental Care
Eyeglasses and Contacts
Mental Health Services
Chiropractic Care
Physical Therapy
Uninsured medical care
Stop-smoking and weight loss
Other costs not reimbursed by insurance
Home
Health Care
See your
benefits coordinator with eligibility
questions, or
call C&C FSA at: (631) 724-3333
Dependent
Care
You can set aside up to $5,000 per year toward
pre-tax spending on dependent care. This
includes both child care and elder care.
Commuting
Costs
Employees who incur costs getting to and from
work can qualify to pay for pre-tax accounts
to pay for parking and mass transit. You can
set aside up to $100 per month for mass
transit ( buses, trains, etc.) and up to $185
per month for parking while at work.
The
advantages of the card and direct pay:
Deducts the payment directly from your FSA
account - virtually eliminate paying cash
for services in addition to your payroll
deduction
No more waiting for reimbursement checks and
filling out long claim forms
On-line access to real-time account
information - you can check your balance at
any time
Offsets rising healthcare costs AND increases
your take home pay
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How
Contorno & Company FSA Effectively eliminates
paperwork.
With Direct Payment to Vendors and the
SmartFlex
Card™, the process of paying for eligible
pre-tax benefits is automated. Employees use
the debit card at FSA locations wherever Visa©
or MasterCard© are accepted. Approved expenses
are automatically deducted from their pre-tax
account. The card can be used for approved
Health Care, Dependent Care, and Transit
plans. |
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Employers!
Save Time and Money! |
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Standard
locations that do not accept the debit card,
notably day care centers and some parking
garages will be paid monthly by C&C FSA
from the pre-tax account. Read our
FAQ's.
Employees
enroll, you BOTH save.
Flexible spending accounts offer attractive
savings to both employers and employees - if
you take advantage of them. Direct Pay and the
SmartFlex Card™ debit card eliminate
the traditional hassles of FSA's such as
cumbersome claim forms, double out of pocket
payments, and waiting for reimbursement
checks. Because of its ease of use, the card
encourages greater participation and
contributions by employees.
With
Contorno & Company FSA, Everyone Benefits
Employers
Improve recruitment efforts
Increase employee retention
Save money on matching FICA tax dollars
Greater participation increases savings
Value added benefit to employees at no net
cost
Helps offset rising benefit costs
Plan administration simplified
Employees
No need to pay twice - direct pay and debit
card provide instant access to account
Virtually
eliminates claim forms and vouchers
No
waiting for reimbursement checks
Secure
internet access to account 24 hours per day by
clicking here.
How
can your company save money with Contorno &
Company FSA?
| Area of Benefit |
Yearly
Deduction* |
Employer
Savings** |
Employee
Savings*** |
| Health, Dental, Vision |
$1,000 |
$76.50 |
$386.50 |
| Dependent Care |
$5,000 |
$382.50 |
$1932.50 |
| Commuting |
$1,800 |
$137.70 |
$695.70 |
| Totals |
$7,800
|
$596.70
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$3,014.70
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* Maximum
yearly deductions:Health and Dependent
Care - $5,000 yearlyCommuting
- Mass Transit - $100 per month,
Parking - $185 per month
** 7.65% FICA taxes
*** Assumes 28% Federal Income Tax, 7.65%
FICA Tax, 3% State and Local Income Tax
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What
does the Contorno & Company FSA Plan cost?
There are no set-up charges and we will
provide you with a free quote. Our monthly
administrative fee is charged to the employer
and is less than the tax savings that the
employer realizes with C&C FSA.
For more info,
see our frequently asked questions
here.
Please fell free to call us, Contorno &
Company, Inc at: (631) 724-3333
or contact us at
info@contornoco.com
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